Remington's 50+ years of denying there were problems with the Model 700 rifles have resulted in the largest recall in history.

Under the settlement, Remington will upgrade the rifles in question at no cost to the owner. Many users have already installed new triggers and Remington will reimburse them as part of the settlement. For guns that cannot be retrofitted, the company plans to offer vouchers for Remington products.

The well known design flaw (as dozens of Youtube videos show) allows the gun to fire without the trigger being touched. The massively popular rifle, with more than 7.85 million units sold, could have been fixed in 1948 at a cost of 5.5 cents per unit. It will cost significantly more now.

The settlement involves a class action suit brought in 2013 by Ian Pollard of Concordia, Missouri, who claimed his Remington 700 rifle fired on multiple occasions without the trigger being pulled. The agreement also settles a similar class action case in Washington state.The Pollard suit accused Remington and its owners of negligence, breach of warranty, unfair and deceptive trade practices, and fraudulent concealment—some of it involving the company's formal response to the 2010 CNBC documentary.

At least two dozen deaths and more than 100 serious injuries have been linked to inadvertent discharges of Remington 700 series rifles.

In court filings, Remington denied the allegations, calling them "inaccurate, misleading, (and) taken out of context." And last year, a judge dismissed several of the claims, including negligence and fraudulent concealment. But by this July, the parties announced they were working out details of a "nationwide class settlement" involving the controversial gun.

Under the settlement, which still must be approved by a judge, Remington has agreed to retrofit the rifles in question at no cost to the owner. Many users had new trigger mechanisms installed on their own, and Remington will reimburse them as part of the settlement. For guns that cannot be retrofitted, the company plans to offer vouchers for Remington products.